News Corporation chairman and CEO Rupert Murdoch said during his quarterly earnings call on Tuesday that the company, which owns 20th Century Fox, is in early talks with James Cameron about a possible Avatar sequel.

Cameron "has ideas about it," he said, adding: "We will be pushing one." The Hollywood Reporter says Murdoch cautioned analysts not to "hold your breath for another one" in a possible reference to Cameron projects often taking a long time to come to fruition.

News Corporation deputy chairman, president and COO Chase Carey interjected that both sides want to make another movie.

Asked about the Blu-ray and DVD release, Murdoch said Avatar will be released during the company's current fiscal year, which ends June 30. He added that it won't be a 3D release as the technology isn't developed enough yet. A 3D release may be possible "down the road," Carey said.

James Cameron told The Wall Street Journal today that Twentieth Century Fox Home Entertainment will release the Blu-ray and "standard def" DVD for Avatar on Thursday, April 22, which is Earth Day.

"That's our plan as of right now, and that'll be pretty much bare bones," he said. "And then we'll do a value-added DVD and a 3-D Blu-ray in I think November sometime."

Cameron added that he hopes to do an Avatar sequel, but he wants to do it "cheaper and faster." He said the sequel will be "a continuation of the same characters. We're going to widen the universe in quotes, meaning the envelope of the setting of the story."

Cameron has previously said that they "have some story ideas for how to branch out into other moons of Polyphemus and the Alpha Centauri A solar system." Polyphemus, which is the primary for a system of moons, is the planet you see in Pandora's sky.

With Avatar hitting Blu-ray and DVD on Thursday, the Los Angeles Times talked to James Cameron about the highest-grossing movie of all time (it's at $2.717 billion now). In the interview, Cameron revealed that the Avatar sequel will focus on the ocean of Pandora while they'll explore more of the Alpha Centauri AB system in a third film. Here's an excerpt:

We created a broad canvas for the environment of film. That's not just on Pandora, but throughout the Alpha Centauri AB system. And we expand out across that system and incorporate more into the story – not necessarily in the second film, but more toward a third film. I've already announced this, so I might as well say it: Part of my focus in the second film is in creating a different environment – a different setting within Pandora. And I'm going to be focusing on the ocean on Pandora, which will be equally rich and diverse and crazy and imaginative, but it just won't be a rain forest. I'm not saying we won't see what we've already seen; we'll see more of that as well.

While Thursday's release doesn't have any features, Cameron says that we'll get an additional six minutes in theaters for a re-release of the film in August before a 4-Disc Blu-ray/DVD set hits stores in November:

We're working on finishing an additional six minutes of the film -- which includes a lot of Weta work -- for a theatrical re-release in August. We were sold out of our IMAX performances right up to the moment until they were contractually obligated to switch to "Alice in Wonderland," so we know we left money on the table there. And the 3-D really helped "Avatar" right up until the moment that it hurt it. And it hurt it at the moment "Alice" and then "How to Train Your Dragon" and "Clash of the Titans" came in and sucked up all the 3-D screens. We went from declining 8% a week to declining 50%. Clearly, it wasn't market forces directly; it was the availability of theaters. So we're going to wait until there's a time to come back in, inject the new footage into the mix and see if we can interest people in the "Avatar" experience in theaters.

ComingSoon.net will have a chance on Wednesday to speak to Cameron, so hopefully we'll be able to learn more about the next two installments.

Talking about 3D at a technology forum in Seoul, South Korea, James Cameron said that he estimates it will take about three years to make the Avatar sequel. That's 18 months less than it took the first.

He said that the release date for the follow-up will be announced in a few months.

Cameron previously revealed that the sequel would focus on Pandora's ocean. "I'm going to be focusing on the ocean on Pandora, which will be equally rich and diverse and crazy and imaginative, but it just won't be a rain forest. I'm not saying we won't see what we've already seen; we'll see more of that as well," he said.

The first film has earned a massive $2.718 billion worldwide and has sold more than 19.7 million DVD and Blu-ray discs in three weeks.

Fox Filmed Entertainment Chairmen Jim Gianopulos and Tom Rothman announced today that Academy Award-winning filmmaker James Cameron has agreed to make Avatar 2 and 3 as his next films.

Cameron, who had always viewed "Avatar" as the creation of a new world and mythology, will begin work on the scripts early next year with an eye towards commencing production later in 2011. Cameron will decide if he will shoot the films back-to-back after he completes the scripts, but the release of the first, as yet untitled sequel, is targeted for December 2014, with the third film contemplated for a December 2015 release.

Avatar 2 and 3 will be produced by Cameron and Jon Landau for Cameron’s Lightstorm Entertainment.

"'Avatar' is not only the highest grossing movie of all time, it is a created universe based on the singular imagination and daring of James Cameron, who also raised the consciousness of people worldwide to some of the greatest issues facing our planet," said Rothman and Gianopulos. "We had no higher priority, and can feel no greater joy, than enabling Jim to continue and expand his vision of the world of 'Avatar.' This is a great day in the history of our company, and we thank Jim, Jon Landau, Rae Sanchini and all of their team and all of our Fox colleagues throughout the world, who have made this possible."

Commented Cameron: "It is a rare and remarkable opportunity when a filmmaker gets to build a fantasy world, and watch it grow, with the resources and partnership of a global media company. 'Avatar' was conceived as an epic work of fantasy – a world that audiences could visit, across all media platforms, and this moment marks the launch of the next phase of that world. With two new films on the drawing boards, my company and I are embarking on an epic journey with our partners at Twentieth Century Fox. Our goal is to meet and exceed the global audience's expectations for the richness of 'Avatar's' visual world and the power of the storytelling. In the second and third films, which will be self contained stories that also fulfill a greater story arc, we will not back off the throttle of 'Avatar's' visual and emotional horsepower, and will continue to explore its themes and characters, which touched the hearts of audiences in all cultures around the world. I'm looking forward to returning to Pandora, a world where our imaginations can run wild."

"It is very exciting to be teaming again with our partners at Fox to give audiences the opportunity to return to Pandora," said producer Jon Landau. "With the first movie, Jim only scratched the surface of the stories he wants to tell and the creatures and world he wants to create. Now we will continue his vision."

Avatar is the highest grossing film of all time, taking in nearly $2.8 billion in worldwide box office. It is also the top-selling Blu-ray disc of all time. Avatar won Golden Globe awards for Best Motion Picture and Best Director; and was nominated for nine Academy Awards, including Best Picture and Best Director, and won Oscars for art direction, visual effects and cinematography.

In Avatar, Cameron takes audiences to a spectacular world beyond imagination and limitations, where a reluctant hero embarks on a journey of redemption and discovery as he leads a heroic battle to save a civilization.

Avatar was written by Cameron from an idea he nurtured for over a decade, while working on the technology necessary to realize its wholly imagined world. Working with Joe Letteri and his team at Peter Jackson's WETA Digital, Cameron created a fully immersive 3D cinematic experience of a new kind, where revolutionary technology that was invented to make the film disappeared into the emotion of the characters and the epic nature of the story.

Avatar 2 and 3 will mark Cameron's latest collaborations with Twentieth Century Fox, a relationship that spans 25 years and marks one of the most successful filmmaker-studio alliances in motion picture history. Cameron and Fox first joined forces in 1985 for Aliens, which became a sci-fi classic. Next came The Abyss, which revolutionized visual effects technology; and True Lies, a blockbuster starring Arnold Schwarzenegger. In 1996, Fox greenlighted Cameron's Titanic, which became the most successful film in history, and won a record-breaking eleven Academy Awards, including Best Picture.

Based on James Cameron's previous comments, many people thought he was saying that Avatar 2 would take place in the ocean of Pandora.

He said: "Part of my focus in the second film is in creating a different environment – a different setting within Pandora. And I'm going to be focusing on the ocean on Pandora, which will be equally rich and diverse and crazy and imaginative, but it just won't be a rain forest. I'm not saying we won't see what we've already seen; we'll see more of that as well."

"Water will be a part of the movie, but it won't be all of the movie, " Landau said. "There's been a lot of rumors that it's an underwater movie – it's not. Just like the Floating Mountains, and the Na'vi's interaction with the mountains, were a part of Avatar, it'll be the same type of thing."

Landau also added that Avatar 2 won't end with a cliffhanger or lead-in to the third film.

"The next [film] will kick off where the next last one ended, but, just like 'Avatar' resolved itself and doesn't feel like a set-up to another movie, you don't want 'Avatar 2' to feel like a set up for 3," he said.

The "Avatar: Extended Collector's Edition" will be available next Tuesday.

MBS Media Campus confirmed the rumors today that James Cameron will film Avatar 2 and Avatar 3 at the location in Manhattan Beach, California. Here is the full press release:

It was officially announced today that James Cameron's Lightstorm Entertainment has signed a long term lease agreement to take more than 115,000 square feet of sound stage and production office space at MBS Media Campus, the state-of-the-art production lot in Manhattan Beach owned by the Carlyle Group and managed by Raleigh Studios.

The deal puts the Academy Award winning director at the MBS Media Campus for his two highly anticipated sequels to Avatar, the highest grossing film of all time. Production for the sequels will continue to be on the cutting edge of motion picture technology utilizing the latest performance capture filming methods to create the Avatar universe.

As the most technologically advanced major production studio outside of Hollywood, the MBS Media Campus provides Cameron and Lightstorm full access to one of the most up-to-date and structurally advanced film and television production lots in the world. At the MBS Media Campus, film and television productions benefit from the unique campus-like atmosphere, proximity to the Southern California coastline and eco-friendly mandate. With its 360 Production concept, MBS Media Campus was designed to bring all of the service and resources needed for film and television production to a single location.

"The MBS Media Campus provides us with the technological infrastructure, complete array of production services and location near LAX that make the campus a perfect fit for our next two Avatar projects," said Jon Landau of Lightstorm Entertainment. "In addition, MBS shares our commitment to working in an environment where our production can be carbon neutral. All of us at Lightstorm are excited to begin the next chapter of Avatar with the MBS team."

In addition to being one of the most modern independent film production lots in the world, a major draw for Mr. Cameron was the MBS Media Campus' commitment to eco-friendly practices and sustainability. The lot has in place an aggressive water conservation program, eco-friendly paints and cleaning products, sustainable cafe and craft services practices and a number of programs to promote greener transportation by its employees.

"We have a long history with Jim, Jon and Lightstorm, and we are pleased to continue it here at the MBS Media Campus in Manhattan Beach." said Michael Moore, President of Raleigh Studios. "There is not another location in the world that matches what we have in Manhattan Beach. Whether it is for television or the biggest movies being made today, we believe we deliver a bit of Hollywood by the sea here at the MBS Media Campus. The state-of-the-art improvements we have made couldn't be put to a better use. And with two of the largest production companies headquartered on our lot, we have proven that MBS is a world class facility. We look forward to working with Jim and Lightstorm on the Avatar sequels, and to providing top notch service to one of the industry's greatest filmmakers."

Mr. Cameron and Lightstorm Entertainment join another motion picture industry leader, Marvel Studios, whose headquarters is also located at the MBS Media Campus. Marvel filmed much of Iron Man 2 and Thor at the facility, and is currently in production on Captain America and Avengers. MBS Media Campus is also the headquarters for such television productions as CSI: Miami, 90210, America's Funniest Home Videos as well as a variety of television commercial, music video and other projects.

Built in 1998, the 22 acre MBS complex recently underwent a number of multimillion dollar upgrades, including the installation of a New York City street back lot, a state of the art 3D screening room, and an ADR studio with the latest in fiber optic technology. Additionally, the MBS Media Campus is home to re-designed and improved offices spaces which provide productions with direct access to the sound stages. The facility has also recruited Urban Beach Cafe to provide production catering and run the lot's onsite cafe. The upgrades have made MBS Media Campus the most modern independent studio lot in the world.

The MBS Media Campus showcases how film and television production has evolved. With 15 sound stages and an expansive campus-like setting, MBS Media Campus was designed to be a focal point for production, bringing all of the services and resources needed for film and television production to one location. It is called "360° Production," a turnkey menu of production services and resources for lighting and grip, rigging, truss, construction, stage materials, heavy equipment and catering all within arms' reach and instantly accessible. This has made MBS a popular base for some of the most successful film and television projects in the world.

MBS Media Campus is a 21st century studio in a sublime setting and is one of the largest employers in Manhattan Beach, CA. The lot's location also provides the convenience of shooting close to home and the beautiful weather and eclectic environment of Southern California.

In the new world of media convergence and synergy, the MBS Media Campus is the answer to single-destination production for film, media and creative arts. With a complete portfolio of studio services and resources onsite, this is a unique, one-stop facility.

Fox News talked to James Cameron at the Covenant House Gala in Los Angeles where the filmmaker and his wife Suzy Amis were being honored for their philanthropic work in helping homeless youth. He talked about shooting Avatar 2 and Avatar 3 back-to-back.

"We're shooting two films back-to-back, so I'm writing two scripts, not one, which will complete a [three]-film story arc – not really a trilogy, but just an overall character arc so I'm pretty excited about that," he said. "We're doing a lot of preliminary work right now on new software and new animation techniques and so on. We're creating a new facility in Manhattan Beach so everybody that's not already dead is coming back."

And is he feeling the pressure now that Avatar is the highest-grossing film of all time with $2.78 billion worldwide?

"There's always an expectation. I had to deal with that after 'The Terminator' back in 1984. All of a sudden I had a big hit movie and it was 'what are you doing next?' But my job is take the audience on a journey and entertain them," he added. "The second I am sitting down writing, I just go to Pandora. I don't think about that stuff, about standing on a red carpet. It has its own life, really. The characters have their own lives."

Avatar 2 is scheduled to hit theaters in December of 2014 and Avatar 3 in December of 2015.

In October of 2010, Twentieth Century Fox announced that James Cameron's Avatar 2 was targeted for a December 2014 release and would be followed by Avatar 3 in December of 2015. Producer Jon Landau now tells Empire that "2014 will be a tough date for us to make. It's about getting it right... Movies make release dates; release dates don't make movies."

He does say they have started working on the sequel already, however. "WETA are already working and we have our core team, (animation supervisor) Richie Baneham and (digital effects supervisor) Nolan Murtha, working with us. And we're working on underwater performance capture."

Regarding the underwater scenes, he added that "It's going to be like the Floating Mountains in the first movie. It's not going to be all underwater; it's going to be a place we go to, leave and come back to."

The New York Times (via Bleeding Cool) has posted an interesting interview with filmmaker James Cameron in which he discusses his future in the industry. When asked what scripts he may be looking at or projects (other than the "Avatar" sequel) he is working on, he said:

I've divided my time over the last 16 years over deep ocean exploration and filmmaking. I've made two movies in 16 years, and I've done eight expeditions. Last year I basically completely disbanded my production company's development arm. So I'm not interested in developing anything. I'm in the “Avatar” business. Period. That's it. I'm making "Avatar 2," "Avatar 3," maybe "Avatar 4," and I'm not going to produce other people's movies for them. I'm not interested in taking scripts. And that all sounds I suppose a little bit restricted, but the point is I think within the "Avatar" landscape I can say everything I need to say that I think needs to be said, in terms of the state of the world and what I think we need to be doing about it. And doing it in an entertaining way. And anything I can't say in that area, I want to say through documentaries, which I'm continuing. I've done five documentaries in the last 10 years, and I'll hopefully do a lot more. In fact, I'm doing one right now, which is on this, the Deep Sea Challenge project that we just completed the first expedition. So that'll be a film that'll get made this year and come out first quarter of next year.

This sounds like bad news for Battle Angel, which Cameron said two weeks ago that he would still be interested in making but not until after the "Avatar" sequels. So where is he with Avatar 2 and Avatar 3?

We've spent the last year and a half on software development and pipeline development. The virtual production methodology was extremely prototypical on the first film. As then, no one had ever done it before and we didn't even know for two and half years into it and $100 million into it if it was going to work. So we just wanted to make our lives a whole lot easier so that we can spend a little more of our brainpower on creativity. It was a very, very uphill battle on the first film. So we've been mostly working on the tool set, the production pipeline, setting up the new stages in Los Angeles, setting up the new visual effects pipeline in New Zealand, that sort of thing. And, by the way, writing. We haven't gotten to the design stage yet. That'll be the next.

Avatar is, of course, the top grossing movie of all time, having earned $2.782 billion at the worldwide box office.

Back in May, James Cameron was first quoted as saying that there might be four "Avatar" movies in total. With the first one having earned a record $2.782 billion at theaters worldwide, star Sigourney Weaver is now saying the next three will be filmed at the same time. Here are several quotes from an interview with Showbiz 411:

When “Political Animals” finishes shooting, see if you can follow Weaver’s schedule: she goes right into a new Christopher Durang play for a short run at Lincoln Center. Then she films “Avatar” 2, 3, and 4 with James Cameron. That’s right: they’re making three sequels to the blue 3D phenom all at the same time. Weaver says she has no idea how long it will take, or how it’s going to work. “I just show up,” she said.

In the previous interview, Cameron said that they had "spent the last year and a half on software development and pipeline development. The virtual production methodology was extremely prototypical on the first film. As then, no one had ever done it before and we didn't even know for two and half years into it and $100 million into it if it was going to work. So we just wanted to make our lives a whole lot easier so that we can spend a little more of our brainpower on creativity. It was a very, very uphill battle on the first film. So we've been mostly working on the tool set, the production pipeline, setting up the new stages in Los Angeles, setting up the new visual effects pipeline in New Zealand, that sort of thing. And, by the way, writing. We haven't gotten to the design stage yet. That'll be the next."

Could we be seeing "Avatar" movies for three consecutive Decembers in 2014, 2015 and 2016? We'll have to wait and see when the production reveals more details.

James Cameron is banking on Peter Jackson's The Hobbit: An Unexpected Journey to be a hit. In an interview with The West Austrailian, he says he thinks The Hobbit will do for high-definition filmmaking what Avatar did for 3D. "If there is acceptance of 48 (FPS), then that will pave the way for Avatar (sequels) to take advantage of it," Cameron said.

Cameron was at the premiere for Jackson's new movie in New Zealand where he's working on the scripts for the upcoming second and third Avatar films. The writer director says he wants to have them completed by February and begin shooting the pair at the end of 2013.

"I want to get these scripts nailed down, I don't want to be writing the movie in post production," he said. "We kind of did that on the first picture, I ended up cutting out a lot of scenes and so on and I don't want to do that again."

Little is known about the upcoming sequels except that Cameron would like to focus on the oceans and underwater ecosystems of the planet Pandora. The director has also said if a fourth film were to be made, it would be a prequel.

It has long been rumored that the upcoming sequels for James Cameron's Avatar would be filmed consecutively, much like The Lord of the Rings and The Matrix sequels. Speaking on "The Jonathan Ross Show" (via Digital Spy) actress Zoe Saldana confirmed these plans along with a potential start date.

"I think that they're doing a part two and a part three and they're probably going to shoot it at the same time...If we just do two and then wait, I'll probably be 45 or 50 by the time we get to part three. It takes a long time, it's a very hard process."

Previous reports on the sequels had the film targeting a late 2013 production start but Saldana confirmed an early 2014 start date for the filming.

No release date has been set for either film, but Avatar 2 was originally targeted for a December, 2014 release and Avatar 3 for December, 2015.